US Lawmaker Suggests Maybe Crypto Should Be Prohibited Citing Bigger Issues than FTX Bitcoin News


A US Senator suggested that cryptocurrencies may have to be prohibited, in light of the recent collapse of cryptocurrency exchange FTX. However, he acknowledged that the ban on cryptocurrency would be difficult to enforce, as it could easily be taken abroad and out of the reach of the US government.

Senator Sherrod Brown Proposes Banning Crypto

US Senator Sherrod Brown (D-OhioChairman of the Senate Banking, Housing And Urban Affairs CommitteeIn an interview with NBC On-Air, he spoke out about cryptocurrency. Sunday.

He It was stated that Treasury Department All the regulatory agencies, including those in the US Securities And Exchange Commission (SEC) Commodity Futures Trading Commission (CFTC), should meet to assess any possible related actions. The cryptocurrency market. Referring To the SEC, CFTC, and Senator:

We You want them to do the right thing. At It could be banned at the same time. However, it is difficult to ban because it can travel abroad and no one knows how it will work.

Last Week, Senate Banking, Housing?, Urban Affairs Committee A hearing was held about the collapse of the cryptocurrency exchange FTX. The House Financial Services Committee A separate hearing was also held on FTX a few days earlier.

FTX filed bankruptcy papers on November 11 and its former CEO Sam Bankman-Fried (SBF), was arrested and is now being held in the Bahamas. He His crypto company faces fraud charges from the US government as well as regulators. The United States Is seeking extradition Bankman-Fried. HoweverSBF informed the Bahamian Court on Monday He will only make a decision after reviewing all of the allegations against him.

Senator Brown Counsels on Crypto Regulation

The Ohio Senator also spoke out Sunday The cryptocurrency market has a “complicated and unregulated pot of money” The problem was far more complex than FTX. “So we have to get this right,” He emphasized.

“I have spent much of the last eight and a half years in this job as Chairman of the Committee on Banking, Housing and Urban Affairs,” Brown continued, explaining:

Together with my colleagues, we try to educate people about cryptocurrency and its dangers to national security and deceitful consumers.

Last week, Senator Pat Toomey His opening remarks at the symposium were explained. Senate FTX hears that the fallout from cryptocurrency trading does not justify banning or “pausing” cryptocurrencies. “Some of my colleagues have suggested pausing crypto before we can address it. This is profoundly wrong, if not impossible. Unless draconian and authoritarian policies are enacted, cryptocurrency cannot be stopped. If we tried, the technology would just migrate abroad,” He warned.

What What do you think? Senator Sherrod Brown’s Proposal to Ban Cryptocurrencies Let Let us know what you think in the comments section.

kevin helms

KevinAnonymous Austrian Economics student, Found Bitcoin He was an evangelist in 2011 His interests lie in Bitcoin Security, open source software, network effects, security and the intersection of cryptography and economics.

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Disclaimer: This This article is intended for informational purposes only. It This does not constitute a direct or implied offer, solicitation or endorsement of any product or service. does NOT provide advice on investment, tax, legal and accounting matters. Neither The author and

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